There are three main colours that your subjects can appear in on your study plan, and they are:
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YELLOW = for subject slots that have not yet been filled, or ones you have selected, but not enroled in (meaning that if you're super organised, you can select all your third year subjects in first year and just enrol in them later when the time comes.) Note that selecting a subject does not lock you into that subject. You can always withdraw and change things around if you need to. This will be explained below.
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GREEN = for subjects that you are currently enroled in and completing this semester, or this year.
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BLUE = for subjects that you have already completed and received a mark for.
We can see all three of these below, ignoring the white boxes which are just drop tabs

The yellow subject slot has a big blue
Choose button on the right side, and clicking it will take you to the
Selection Pages.Note: loading times are frequently very slow here, be prepared to wait a minute or two, especially during busy periods (like when thousands of first years are trying to enrol, for instance.)

If you scroll down, you should see a bunch of subjects listed alphabetically by subject code. Unfortunately, navigating this can be very slow and very messy. Sometimes you won't have too many pages to get through. If you're just selecting a Foundation subject, for instance, you'll only have six to choose from and they'll all be on the one page. Even the Level 1 Arts subjects don't take too long to get through, but certain tabs, like the one I'm currently selecting a subject for can be quite lengthy...

There is a search bar up the top if you already know what Subject or Subject Code you're searching for, but you may also discover new subjects by just clicking through each page and noting down any that look interesting to you.
So, now let's say you've found an interesting one - how can you find out more information about it? Well, clicking the 'Availabilities' hyperlink will tell you which semester the subject is offered in:

but aside from that, there's not a lot to be gleaned from this page, so we'll have to look elsewhere.
You could always check out the ATAR Notes reviews, but unfortunately not all subjects are covered, and Arts is a little less well-stocked than Science is at the moment. The simplest way to find out more is to select the subject code and name (e.g. 'PHIL20030 - Meaning, Possibility and Paradox' and googling that, plus 'unimelb handbook 2016,' or replace 2016 with whatever year you intend to study that subject.) Sometimes searching the subject code or name is enough, but this will ensure you're always getting the exact right result. The one we're looking for is:

Sometimes the most recent Handbook entry will be a pdf, other times it will look like a regular unimelb page. No one really knows what rules govern this, but the information is the same either way.
Some of that information will be important, but other parts are ones you can pretty much just ignore. For example:

Here we can see, in descending order:
- how many credit points the subject is worth (12.5 - the standard)
- what Level it is (which we knew from the Subject Code anyway, because we're clever)
- the semester and location (pay attention to which semester a subject is in - you don't want to plan the perfect schedule and then realise you've put a bunch of Semester 2 subjects in Semester 1 slots. Some subjects run for multiple semesters, particularly Commerce units, but most Arts ones only run once. Also, be careful if selecting Music, Drama, or UNIB subjects as some of these operate via the Southbank campus instead of the Parkville one. It's only about a 10-15 minute tram journey, but you'll need to account for this when timetabling.)
- the number of lectures, tutorials, seminars, or other commitments. Note: almost all subjects "recommend" 170 hours of total study, but this is a very lose estimate and not one I've ever come close to meeting

- any prerequisites. If these have not been met, you will not be able to enrol in the subject unless you have express permission from a subject coordinator or your student centre
- any corequisites, i.e. a subject that should be studied alongside this one, but may be completed earlier like a normal prerequisite in some circumstances. I've never come across these; I guess they're more common in Commerce or Science
- any subjects or areas of study that might give one an advantage in this subject. This won't formally prevent you from picking up a subject, but is something to be wary of if you have no background in this area - you might be on the back foot for awhile, but this can easily be circumvented by studying and chatting to your tutor about what's expected of you
- any subjects that disqualify you from studying this one - sometimes there'll be VCE subjects listed here, or courses at other unis, but more often it will just list any higher level or equivalent subjects. These function like anti-requisites, so you won't be able to enrol if you have completed them
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"core participation requirements" ignore this; it's just a copy+pasted thing all subjects have to include
- who to contact if you have any questions. For most subjects, the coordinator will also be your primary lecturer, and maybe even your tutor, though this isn't always the case, particularly for the bigger 'Intro to ___' first year subjects
Next, we have the subject description, which is your first port of call if you want to know what this subject is all about:

Some are more detailed than others, but generally this will give you a good indication of what kind of content will be covered. They're usually written by the subject coordinators, but I'm yet to come across any that have misrepresented the subject in any way - they all seem to be pretty close to the mark.
Scrolling further, we see:

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"learning outcomes" - skip these, they're mostly waffle
- assessment; obviously one of the most important things; this will give you an outline of all major essays, assignments, exams, presentations, online quizzes, and anything else that contributes to your mark. Almost all Arts subjects require 75% or 80% attendance at tutorials as a 'hurdle requirement,' meaning that you will not pass the subject if you don't meet this (without a valid reason, that is. Serious medical and personal concerns that warrant special consideration are another matter.)
- any assigned texts that are studied over the course of the semester. Some of these will be used often, but other subjects "recommend" hundred dollar textbooks that are never actually used in class. Your best bet is to find someone else who's done the subject or
check to see if anyone on here has reviewed it before. Otherwise, I'd recommend waiting for the first few weeks of classes to determine what is and isn't necessary. Then you can check out places like The Book Depository or the VIP Exchange to see if they have cheaper or second-hand copies
- breadth options, this is fairly intuitive, e.g. a Philosophy subject is probably going to be an Arts dicipline subject, meaning it's a breadth option for any other degree but Arts. Not too important unless you're checking to see if something is a viable breadth for you
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fees, links, related info not very useful
So basically, the main things you want to look at are the
Subject Information section and the
Assessment outline. Most other info is secondary.
To return to our study plan now, let's say I'm utterly smitten with this subject based on what I've just found out, and I now want to enrol in it. I'd simply find that subject in the selection window, and then click Add to study plan on the right:

Now we're back at this window:

only this time, our chosen subject (or subjects in this case, as there are certain tabs that will let you select 25 study points, or 37.5 study points) can be seen at the top. If I've clicked the wrong subject accidentally, I can just hit 'remove from study plan' on the right, but I'm happy with that selection, so all that remains is to click
Save at the bottom.
We're then booted back to the main study plan portal, and now if we scroll down to that subject slot, we'll see:

it's still yellow, because we haven't officially enroled in the subject, but we have
selected it. Now, some more options are available. If this subject was one that was offered in two or more semesters (i.e. something available in Semesters 1 and 2, and as an intensive during the Summer and/or Winter break) then there'd be a little drop down box for us to select the availability. As it stands, this subject is like most Arts ones in that it's only available during a particular semester, so the choice is made for us, hence the 'You are unable to change the availability from the default selected for you.' message on the right.
And there are now two blue boxes:
Change, functions the same as the
Choose button before and will take us back to the selection window. If you wish to change a yellow subject (i.e. one in which you are not yet enroled,) then you'll have to click
Change, then click
Remove from study plan next to the subject currently listed.
Then you can select what you want to replace it with, and just follow the process we went through above. If we're ready to enrol in this subject, then we can tick the
Enrol box and scroll down to the bottom of the page and click
Enrol.
You can do this for multiple subjects at once, if you wish. The site will only let you enrol in subjects that you have ticked though, so if you want to save some time,
select all your subjects first, and when you are happy with all four (for this semester) or eight (for this year,) then you can tick them all and enrol.
Now we're at the
Potential Enrolment section, shown below:

If there are any prerequisite, corequisite, anti-requisite, or recommended background knowledge for this subject, then they will be listed here. But all we have to do is tick the box, and click save.

Done! We can now chose to
Close which will take us back to the study plan where our subject/subjects will now be green, because we've enroled in them, or we can click
Register for classes which will take us to the timetable page. Registration usually opens around a month before classes are due to start.
The other option here is to withdraw from subjects, which is what we'll examine next.
Let's say I've changed my mind about one of my subjects. Maybe a friend has told me it's really boring and difficult, or maybe I've realised it'll clash with something else. Whatever the case, I can just scroll down to the bottom of my study plan and click
Withdraw. This will take me to the Withdrawals page:

Here, I can tick the boxes of the subjects I want to withdraw from, and I will then be taken to the following page for confirmation:

The
Census Dates listed on the right are the cut-off dates for withdrawals. You can withdraw after that date, but you will still have to pay for the subject. Most Semester 1 subjects will have March 31st as the census date, and Semester 2 subjects have August 31st, but check to be sure.
Clearly, I've got heaps of time, so I can click withdraw, and I will be sent back to my study plan free to choose a new subject and enrol in that one instead.
Hopefully that's everything you need to know about the enrolment processes. Next up, we'll look at the remainder of the study plan and the process of choosing Majors and Minors for your degree.